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MOST NOTEWORTHY: Telefonica, Affymax and Hatteras Financial were today's noteworthy initiations:
- Deutsche Bank initiated Telefonica (NYSE: TEF) with a Buy rating and believes concerns of an economic slowdown in Spain are overdone and that company is on track to make 2008 guidance.
- Baird assumed coverage of Affymax (NADAQ: AFFY) with an Outperform rating and $25 target. The firm believes the market has discounted the regulatory and commercial prospects of lead compound Hematide, which they believe is a $800M revenue opportunity, and recommends buying shares aggressively in the mid-$20s.
- Shares of Hatteras Financial (NYSE: HTS) were started with an Outperform rating and $35 target at Friedman Billings. The firm believes management has the opportunity to stabilize its agency portfolio and generate a return on invested capital of about 20%.
OTHER INITIATIONS:
- Caris assumed OmniVision (NASDAQ: OVTI) with a Buy rating and $15 target.
- Pioneer Natural (NYSE: PXD) was initiated at UBS with a Buy rating and $110 target.
- UBS also initiated CME Group (NYSE: CME) with a Neutral rating and $430 target.
- Allied Capital (NYSE: ALD) was assumed with a Buy rating and $14.40 target at Merrill Lynch.
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